Venoco gets interim approval of plan documents; final hearing May 23

By Caroline Salls

Pittsburgh, March 23 – Venoco, LLC received interim court approval of its combined disclosure statement and plan of liquidation, according to an order filed Friday with the U.S. Bankruptcy Court for the District of Delaware.

The combined plan confirmation and final disclosure statement hearing is scheduled for May 23.

Venoco said the plan calls for the liquidation and dissolution of the debtors and is supported by “many key creditors” who have agreed to have their claims treated as general unsecured claims to facilitate distributions on account of allowed claims, complete an orderly wind-down of the debtors’ operations and authorize the formation of a liquidating trust.

Holders of secured claims will either be paid in full in cash, have their claims reinstated, receive the proceeds from the distribution of the collateral securing their claims or receive the collateral.

Priority claims will be paid in full in cash.

Holders of convenience claims will receive a share of liquidating trust assets that will result in a 60% recovery.

Holders of general unsecured claims will receive a share of liquidating trust interests.

Interests and subordinated claims will be released without any distribution to holders.

Venoco is a Denver-based energy company. The company filed bankruptcy on April 17, 2017 under Chapter 11 case number 17-10828.

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